Foff
To answer your original question..... the outfit that I work for has 5 very senior Airbus A320 aircraft (MSNs<200) that still have this function.
From FCOM 3 - All you get is this small note..........
FCU ALTITUDE . . . . . . . . . . . . SET ABOVE A/C ALTITUDE
Note: Exceeding VFE will result in reversion to OPCLB
It is interesting to also note what happens when you have a similar event on the newer standard of aircraft
Note: When reaching VFE, the AP maintains VFE and reduces the V/S without MODE REVERSION.